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2019 Integrated Report

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2019 Integrated Report MIKE WYLIE CHAIRMAN It is with great concern that we witnessed further reduction in capacity of the South African construction industry amidst a spate of corporate failures and exits from the market. This is highly detrimental to the health of South Africa as a whole over the short- and longer-term. The construction sector and especially the civil WBHO engineering market remain severely depressed, with the larger firms (and highest employers) feeling the most strain and the consequential knock-on impact INTEGRATED REPORT INTEGRATED on suppliers, subcontractors and employees. Lack of work has also led to a reduction in the valuable skilled engineering staff in the various consulting disciplines. 2019 LOUWTJIE NEL CHIEF EXECUTIVE OFFICER INTEGRATED “WBHO delivered a mixed performance this year. REPORT Particularly pleasing was the successful turnaround 2019 of the Byrne Group in the United Kingdom, a solid performance from our recent acquisition of Russells Limited and our ability to sustain activity levels across Africa in the context of what continues to be one of the toughest markets experienced for many years. Sadly however, these commendable performances were overshadowed by the sizeable losses provided for in Australia.” WWW.WBHO.CO.ZA C WBHO Integrated Report 2019 NAVIGATIONAL ICONS CONTRIBUTION BY SEGMENT (Rm) The following icons are applied throughout the report to improve usability and to highlight REVENUE CONTENTS integration between relevant content elements: PERFORMANCE 2019 NAVIGATION 1 Performance highlights Indicates a page or note reference Indicates a reference HIGHLIGHTS 2 About our integrated report of information which can be found for information available 2018 elsewhere in the report online at www.wbho.co.za 3 Board responsibility 3 Statement of compliance by 0 5 000 10 000 15 000 20 000 25 000 Company Secretary CAPITALS 4 Message from the Chairman OPERATING PROFIT Financial capital Manufactured capital REVENUE 8 Understanding WBHO 9 Quick facts Human capital Natural capital 2019 9 Vision Social and relationship R41 billion 9 The WBHO Way Intellectual capital capital 2018: R35,0 billion 10 Geographic presence 2018 12 What differentiates WBHO? STAKEHOLDERS (400) (300) (200) (100) 0 100 200 300 400 13 Creating value CASH GENERATED EARNINGS 14 Value creating business model Building and civil engineering United Kingdom PER SHARE Financial FROM OPERATIONS 18 Material issues and operating context Clients Roads and earthworks Construction materials institutions Australia 32 Engaging and creating value for stakeholders Investors Government 939 cents 38 Strategic objectives R1,5 billion 46 Risk management Employees Communities CONTRIBUTION BY GEOGRAPHY (Rm) 2018: R1,4 billion 2018: 1 534 cents Suppliers and REVENUE 52 Delivering value subcontractors 53 Message from the Chief Executive Officer 2019 OPERATING MARGIN DIVIDEND 58 Operational reports MATERIAL ISSUES 2019 76 Order book and outlook 2018 82 Message from the Reputation and Market dynamics 190 cents Chief Financial Officer culture 1,4% 2018: 475 cents Skills shortages and 0 5 000 10 000 15 000 20 000 25 000 2018: 3,1% Transformation 94 Protecting value capacity constraints 95 Message from the Community unrest Labour unrest OPERATING PROFIT Lead independent director and business forums ORDER BOOK CASH 96 Board of directors Safety and environmental 2019 98 Governance report management Compliance 101 Audit committee report R47 billion R5,9 billion 104 Remuneration committee report 2018: R49 billion 2018: R5,9 billion 105 Remuneration and implementation STRATEGIC OBJECTIVES 2018 report Flexibility and Capacity and talent SO1 SO4 (400)(300)(200)(100) 0 100 200 300 400 500 600 116 Reference information diversification management 116 Abbreviations and acronyms South Africa Australia Procurement and Safety and environmental Rest of Africa United Kingdom 116 Financial definitions SO2 execution excellence SO5 management 117 Shareholders’ diary Reputation and Localisation and WWW.WBHO.CO.ZA IBC Statutory information SO3 relationships SO6 transformation WBHO Integrated Report 2019 F WBHOWBHOIntegratedIntegrated Report Report 2019 2019 1 1 WBHO is one of the largest construction companies in southern Africa REPORTING SUITE and is listed on the Johannesburg Stock Exchange. WBHO remains committed to reporting transparently to a wide range of stakeholders. To view the full suite, please visit Our vision is to be the leading construction company wherever we operate. BOARD RESPONSIBILITY the website www.wbho.co.za. The driving force behind WBHO is a core of dedicated, hands-on Integrated Report (IR) WBHO The integrated report is the primary report to the INTEGRATED REPORT The board acknowledges its responsibility of ensuring 2019 management professionals whose experience spans decades of major stakeholders. It is structured to show the relationship INTEGRATED the integrity of this integrated report, which in the 2019 REPORT between the interdependent elements involved in the construction projects across three continents. board’s opinion addresses all the issues that are C WBHO Integrated Report 2019 material to the group’s ability to create value and value creation story, in compliance with: Construction activities, that cover the full construction spectrum, are presents the integrated performance of WBHO fairly. • The International Integrated Reporting (IR) This report was approved by the board of directors of Framework divided into three main operating divisions: Building Construction, WBHO on 23 October 2019. • The Companies Act, No 71 of 2008, as amended (Companies Act of South Africa) Civil Engineering and Roads and Earthworks. WBHO’s offi ces are The board acknowledges its responsibility for the • The JSE Listings Requirements strategically located in Johannesburg, Cape Town, Durban and completeness and integrity of this report and its • King IV report on Corporate Governance for supplementary information. Assisted by its Audit South Africa 2016 (King IVTM) Port Elizabeth. Our Australian subsidiary, Probuild, has its committee, the board has applied its collective mind to the preparation and presentation of this report and headquarters in Melbourne, while our United Kingdom (UK) operations concluded that it is presented in accordance with the International Integrated Reporting Framework. provide services out of London and Manchester. Group Annual Financial Statements (AFS) This integrated report was approved by the board and A comprehensive report of the Group’s financial signed on its behalf by: performance for the year, in compliance with: AUDITED CONSOLIDATED FINANCIAL 2019 STATEMENTS • The Companies Act of South Africa WBHO Audited Consolidated Financial Statements 2019 B • The JSE Listings Requirements • King IVTM • International Financial Reporting Standards (IFRS) ABOUT OUR INTEGRATED REPORT Mike Wylie Louwtjie Nel Chairman Chief Executive Officer 23 October 2019 Environmental, Social and Governance The directors of Wilson Bayly Holmes-Ovcon Limited (WBHO) WBHO INTEGRATED THINKING AND MATERIALITY ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT Report (ESG) hereby present the 2019 integrated report. This report is prepared in The value creation story (see page 13 to 46) is structured to reflect 2019 A detailed account of WBHO’s performance for ENVIRONMENTAL, SOCIAL AND 2019 GOVERNANCE accordance with the International Integrated Reporting Council’s REPORT the relationship between the various elements involved in achieving the year, including environmental, social and (IIRC) International Integrated Reporting Framework (IR framework) stakeholder goals. By analysing the risks and opportunities C WBHO Environmental, Social and Governance Report 2019 governance elements, in compliance with: and provides stakeholders with a concise and transparent identified in the operating context, stakeholder engagement assessment of WBHO’s ability to use its expertise to create STATEMENT OF • The Companies Act of South Africa process and internally identified risks and opportunities, the group • The JSE Listings Requirements sustainable value. has determined which matters are most important to WBHO’s TM value creation in the short-, medium- and long-term. WBHO has • King IV SCOPE AND BOUNDARY used these as points of reference to ensure only those matters that COMPLIANCE BY • Global Reporting Initiative (GRI core) REPORTING PERIOD could have a substantial effect on the ability to deliver stakeholder The WBHO integrated report (IR) is prepared and published value are reported on. annually. This report provides material information relating to our strategy and business model, operating context, material risks, COMBINED ASSURANCE COMPANY SECRETARY Notice of annual general meeting (AGM) stakeholder interests, performance, outlook and governance, WBHO Supporting information for shareholders to WBHO applies a combined assurance model to assess and assure INTEGRATED REPORT covering the year 1 July 2018 to 30 June 2019. Any material events 2019 participate in the annual general meeting, in various aspects of the business operations, including elements of NOTICE OF 2019 ANNUAL GENERAL after this date and up to the board approval date of 23 October external reporting. These assurances are provided by management MEETING compliance with: C WBHO Integrated Report 2019 2019 have also been included. and the board, internal audit and independent external auditors, • The Companies Act of South Africa I confirm that the company has lodged all returns, in respect BDO South Africa Incorporated. There
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